March 24, 2017

Foreign Markets (close as of 3/24/2017)

Global Markets Overnight
Value % Chg
U.S. equities were mostly lower after the House voted to delay a key
Dow Jones 20,656.58 -0.02%
health care bill. The vote is crucial for the execution of the Trump S&P 500 2,345.96 -0.11%
administration as the replacement of Obamacare should happen Nasdaq 5,817.69 -0.07%
before Trumps agenda could take place such as a major tax reform WTI Crude $47.83 +0.27%
which previously led the boom of the stock market. Analysts are Brent Crude $50.67 +0.22%
seeing this as a pullback after the recent rally. Meanwhile, economic Gold $1,246.40 -0.30%
data show that weekly jobless claim rose by 15,000 to 258,000 above Dollar Index $99.921 +0.16%
Source: Bloomberg
expectations of 240,000. U.S. 10-year Treasury note yield is at 2.41%

A record number of U.S. stockpiles kept oil prices on the losing streak
Morning Bites

as traders focused on the oversupply. Data from the U.S. EIA showed
that U.S. crude oil supplies rose by 5M barrels to a record high of Maybank ATR Kim Eng Securities
533.1M barrels. The rising U.S. output is seen to undermine the
Head , Retail Equities
OPECs efforts to pare down a crude oversupply. Gold prices settled Tina Conde
lower as it ends its five day win streak, though this is seen (632) 625-5888 Loc. 200
temporary, investors are still banking on the safe haven demand for tina_conde@maybank-atrke.com
the bullion. Key event for the precious metal is whether Trump could
push through with his pro-growth policies especially after the vote on Premier Client Services Officer
the key health care reform is delayed. Mark De Mesa
(632) 625-5888 Loc. 203
mark_demesa@maybank-atrke.com
Asian markets could move muted as Wall Street is on a limbo after
the House decided to delay the vote on the key health care bill.
Philippines

Inquiries
Across Korea, Samsung is holding its annual general shareholders
(632) 625-5888
meeting after Jay Lees arrest over a corruption scandal. The
(632) 328-5888
dollar/yen is higher at 111.16 during the early morning trade.
support@maketrade.com.ph

Philippine Market Outlook

The market may be muted today as investors wait for further
developments just after the U.S. healthcare bill was delayed, this
marks a further delay on the expected tax reform earlier proposed by
President Trump. The index is still above 7,300 which is within the
trading band while trading volume remained very thin. MPI
rebounded yesterday after the company denied speculations of a
capital raising exercise, it still saw a net foreign selling yesterday at -
$4.3M.

Demand for dollar denominated securities is expected to increase as

companies plan to satisfy their growth goals and meet their dollar
requirements; this is also thought of as an alternative investment
vehicle for investors with dollar holdings. Del Monte Pacific Ltd.s
offering of up to $250M dollar denominated securities have seen
demand from institutional investors and high net worth individuals;
listing date is on April 7, 2017.

ICT (TP:P90) is planning for a bid to have a majority stake in a terminal

in Greece, the port has a market value of $211M and a throughput of
344k TEUs last year; the sale has been previously offset by delays and
political resistance. Meanwhile, BLOOM (TP: P8.90) reported a net
profit for 2016 turned around to PHP2.3b from a net loss of PHP3.4b
same period last year. Strong volume turnover led to the net income
of BLOOM and the lower operating cost was due to lower provision
on doubtful accounts and other service charges.

THIS REPORT HAS BEEN PREPARED BY MAKETRADE MAYBANK ATR KIM ENG SECURITIES INC. March 24, 2017
SEE PAGE 4 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
Morning Bites March 24, 2017

Company Bites
MPI MetroPac Water Investments received the Notice of Award for the Cagayan de Oro 100 MLD Bulk Water Project
on March 23, 2017. The Project, which has a term of 30 years, renewable for another 20 years, involves the
acquisition and construction of a 100 MLD water treatment plant and the construction of new water transmission lines
and rehabilitation of the Camaman-an Reservoir, to supply the Cagayan de Oro Water District which currently has
approximately 90,000 service connections.

PXP - PXP Energy Corporation wishes to announce that it has increased its direct shareholding in Forum Energy
Limited from 48.8% to 69.5%. This increases PXPs total direct and indirect interest in Forum from 67.5% to 77.5%.
The additional interest was acquired through a subscription to 39,350,920 new ordinary shares of Forum. Forum is a
UK Incorporated oiI and gas exploration and production company with a focus in the Philippines.

BLOOM Bloomberry Resorts Corp. recorded a net profit of P2.323 billion, a considerable P5.698 billion swing from
the P3.375 billion net loss last year. Solaire achieved record gaming volumes and revenues. Solaires VIP volumes
grew +29%, while mass table drop grew by +12% and electronic gaming machine coin-in grew +18%. Gross gaming
revenues grew +19% to a record P38.537 billion, while non-gaming revenues increased +26% to also hit a P2.38 billion
record.

ICT International Container Terminal Services, Inc. said that it will make a bid for a majority stake in Thessaloniki
Port in Greece. The sale of a 67% stake in Greeces second-largest port, which was launched in 2014, has been beset
by delays and political resistance. ICTSI budgeted a $240-million capital expenditure this year mainly to fund its
expansion program.

Economic Tidbits

Cash utilization by government agencies slowed down in February down by -6% last month to 82% from the 88%
recorded last year. The highest cash utilization as of last month was by the Commission on human rights at 99% while
the weakest showing is by the Department of foreign affairs using only 26%. About P1 trillion was left unspent by the
previous administration; the current government is planning for a 3% budget deficit this year as it ramps up spending
on infrastructure projects.

The BPO industry is currently looking at more currency stability even as the weak peso is an advantage for the
industry. The Chairman of the Contact Center Association of the Philippines said that the weakening of the peso is
positive for exports, but added that the IT-BPM sector prefers a stable currency as companies can build around it.
Cost competitiveness, a service oriented culture and growing market demand in Asia are still drivers to growth.

MakeTrade Market Wisdom

100% of the info about a company represents the past, and 100% of a stock's valuation depends on the future.
- B. Miller
Morning Bites March 24, 2017

Research Offices
REGIONAL HONG KONG / CHINA INDONESIA Sutthichai KUMWORACHAI
Howard WONG Head of Research Isnaputra ISKANDAR Head of Research (66) 2658 6300 ext 1400
Sadiq CURRIMBHOY sutthichai.k@maybank-ke.co.th
(852) 2268 0648 (62) 21 2557 1129
Regional Head, Research & Economics howardwong@kimeng.com.hk isnaputra.iskandar@maybank-ke.co.id Energy Petrochem
(65) 6231 5836 sadiq@maybank-ke.com.sg Oil & Gas - Regional Strategy Metals & Mining Cement Termporn TANTIVIVAT
Benjamin HO Rahmi MARINA (66) 2658 6300 ext 1520
WONG Chew Hann, CA
(852) 2268 0632 benjaminho@kimeng.com.hk (62) 21 2557 1128 termporn.t@maybank-ke.co.th
Regional Head of Institutional Research Property
Consumer & Auto rahmi.marina@maybank-ke.co.id
(603) 2297 8686 wchewh@maybank-ib.com Jacqueline KO, CFA Banking & Finance Jaroonpan WATTANAWONG
ONG Seng Yeow (852) 2268 0633 jacquelineko@kimeng.com.hk Aurellia SETIABUDI (66) 2658 6300 ext 1404
Consumer Staples & Durables (62) 21 2953 0785 jaroonpan.w@maybank-ke.co.th
Regional Head of Retail Research Transportation Small cap
Ka Leong LO, CFA aurellia.setiabudi@maybank-ke.co.id
(65) 6231 5839 (852) 2268 0630 kllo@kimeng.com.hk Property VIETNAM
ongsengyeow@maybank-ke.com.sg Consumer Discretionary & Auto Pandu ANUGRAH LE Hong Lien, ACCA
TAN Sin Mui Mitchell KIM (62) 21 2557 1137 Head of Institutional Research
(852) 2268 0634 mitchellkim@kimeng.com.hk pandu.anugrah@maybank-ke.co.id
Director of Research (84) 8 44 555 888 x 8181
Internet & Telcos Infra Construction Transport Telcos
(65) 6231 5849 sinmui@kimeng.com.hk lien.le@maybank-kimeng.com.vn
Osbert TANG, CFA Janni ASMAN Strategy Consumer Diversified Utilities
(86) 21 5096 8370 (62) 21 2953 0784
ECONOMICS
osberttang@kimeng.com.hk janni.asman@maybank-ke.co.id THAI Quang Trung, CFA, Deputy Manager,
Suhaimi ILIAS Chief Transport & Industrials Cigarette Healthcare Retail Institutional Research
Economist Malaysia | Stefan CHANG, CFA Adhi TASMIN (84) 8 44 555 888 x 8180
Philippines (852) 2268 0675 (62) 21 2557 1209 trung.thai@maybank-kimeng.com.vn
(603) 2297 8682 suhaimi_ilias@maybank-ib.com stefanchang@kimeng.com.hk adhi.tasmin@maybank-ke.co.id Real Estate Construction Materials
CHUA Hak Bin Technology Plantations Le Nguyen Nhat Chuyen
Regional Thematic Macroeconomist Steven ST CHAN PHILIPPINES (84) 8 44 555 888 x 8082
(65) 6231 5830 chuahb@maybank-ke.com.sg (852) 2268 0645 stevenchan@kimeng.com.hk Michael BENGSON Head of Research chuyen.le@maybank-kimeng.com.vn
LEE Ju Ye Banking & Financials - Regional (63) 2 849 8840 Oil & Gas
Singapore Warren LAU michael_bengson@maybank-atrke.com
(65) 6231 5844 leejuye@maybank-ke.com.sg NGUYEN Thi Ngan Tuyen, Head of Retail Research
(852) 2268 0644 Strategy
Tim LEELAHAPHAN (84) 8 44 555 888 x 8081
warrenlau@kimeng.com.hk Utilities Conglomerates Telcos
Thailand tuyen.nguyen@maybank-kimeng.com.vn
Technology Regional Lovell SARREAL
(66) 2658 6300 ext 1420 Food & Beverage Oil&Gas Banking
tim.l@maybank-ke.co.th
INDIA (63) 2 849 8841 TRINH Thi Ngoc Diep
lovell_sarreal@maybank-atrke.com (84) 4 44 555 888 x 8208
Saktiandi SUPAAT Jigar SHAH Head of Research
Consumer Media Cement diep.trinh@maybank-kimeng.com.vn
Head, FX Research (91) 22 6623 2632 jigar@maybank-ke.co.in
(65) 6320 1379 saktiandi@maybank.com.sg Rommel RODRIGO
Oil & Gas Automobile Cement Technology Utilities Construction
(63) 2 849 8839 PHAM Nhat Bich
rommel_rodrigo@maybank-atrke.com
STRATEGY Anubhav GUPTA (84) 8 44 555 888 x 8083
(91) 22 6623 2605 anubhav@maybank-ke.co.in Conglomerates Property Gaming bich.pham@maybank-kimeng.com.vn
Sadiq CURRIMBHOY Ports/ Logistics
Metal & Mining Capital Goods Property Consumer Manufacturing Fishery
Global Strategist Katherine TAN NGUYEN Thi Sony Tra Mi
(65) 6231 5836 sadiq@maybank-ke.com.sg Vishal MODI (63) 2 849 8843 (84) 8 44 555 888 x 8084
(91) 22 6623 2607 vishal@maybank-ke.co.in kat_tan@maybank-atrke.com
Willie CHAN mi.nguyen@maybank-kimeng.com.vn
Hong Kong / Regional Banking & Financials Banks Construction Port operation Pharmaceutical
(852) 2268 0631 williechan@kimeng.com.hk THAILAND Food & Beverage
Abhijeet KUNDU Maria LAPIZ Head of Institutional Research TRUONG Quang Binh
(91) 22 6623 2628 abhijeet@maybank-ke.co.in Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 (84) 4 44 555 888 x 8087
MALAYSIA
Consumer Maria.L@maybank-ke.co.th
WONG Chew Hann, CA Head of Research Consumer Materials Ind. Estates
(603) 2297 8686 wchewh@maybank-ib.com Neerav DALAL binh.truong@maybank-kimeng.com.vn
Sittichai DUANGRATTANACHAYA
Strategy (91) 22 6623 2606 neerav@maybank-ke.co.in (66) 2658 6300 ext 1393
Desmond CHNG, ACA Software Technology Telcos Sittichai.D@maybank-ke.co.th Rubber plantation Tyres and Tubes Oil&Gas
(603) 2297 8680
Services Sector Transport
desmond.chng@maybank-ib.com SINGAPORE
Banking & Finance Sukit UDOMSIRIKUL Head of Retail Research
Gregory YAP (66) 2658 6300 ext 5090
LIAW Thong Jung (65) 6231 5848 gyap@maybank-ke.com.sg Sukit.u@maybank-ke.co.th
(603) 2297 8688 tjliaw@maybank-ib.com SMID Caps
Oil & Gas Services- Regional Mayuree CHOWVIKRAN
Technology & Manufacturing Telcos (66) 2658 6300 ext 1440
ONG Chee Ting, CA YEAK Chee Keong, CFA mayuree.c@maybank-ke.co.th
(603) 2297 8678 ct.ong@maybank-ib.com (65) 6231 5842
Plantations - Regional Strategy
yeakcheekeong@maybank-ke.com.sg Padon VANNARAT
Mohshin AZIZ Offshore & Marine (66) 2658 6300 ext 1450
(603) 2297 8692 mohshin.aziz@maybank-ib.com Derrick HENG, CFA Padon.v@maybank-ke.co.th
Aviation - Regional Petrochem
(65) 6231 5843 derrickheng@maybank-ke.com.sg Strategy
YIN Shao Yang, CPA Transport Property REITs (Office) Surachai PRAMUALCHAROENKIT
(603) 2297 8916 samuel.y@maybank-ib.com Joshua TAN (66) 2658 6300 ext 1470
Gaming Regional Media
(65) 6231 5850 joshuatan@maybank-ke.com.sg Surachai.p@maybank-ke.co.th
TAN Chi Wei, CFA REITs (Retail, Industrial) Auto Conmat Contractor Steel
(603) 2297 8690 chiwei.t@maybank-ib.com John CHEONG Suttatip PEERASUB
Power Telcos
(65) 6231 5845 johncheong@maybank-ke.com.sg (66) 2658 6300 ext 1430
WONG Wei Sum, CFA Small & Mid Caps Healthcare suttatip.p@maybank-ke.co.th
(603) 2297 8679 weisum@maybank-ib.com TRUONG Thanh Hang Media Commerce
Property
(65) 6231 5847 hang.truong@maybank-ke.com.sg
LEE Yen Ling Small & Mid Caps
(603) 2297 8691 lee.yl@maybank-ib.com
Building Materials Glove Ports Shipping
CHAI Li Shin, CFA
(603) 2297 8684 lishin.c@maybank-ib.com
Plantation Construction & Infrastructure
Ivan YAP
(603) 2297 8612 ivan.yap@maybank-ib.com
Automotive Semiconductor Technology
Kevin WONG
(603) 2082 6824 kevin.wong@maybank-ib.com
REITs Consumer Discretionary
LIEW Wei Han
(603) 2297 8676 weihan.l@maybank-ib.com
Consumer Staples
LEE Cheng Hooi Regional Chartist
(603) 2297 8694
chenghooi.lee@maybank-ib.com
Tee Sze Chiah Head of Retail Research
(603) 2297 6858 szechiah.t@maybank-ib.com
Cheah Chong Ling
(603) 2297 8767 chongling.c@maybank-ib.com
Morning Bites March 24, 2017

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS
This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as
an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate
and that each securitys price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental
ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and
volume-related information extracted from the relevant jurisdictions stock exchange in the equity analysis. Accordingly, investors returns may be less than
the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment
advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read
this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment
strategies discussed or recommended in this report.
The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank
Investment Bank Berhad, its subsidiary and affiliates (collectively, MKE) and consequently no representation is made as to the accuracy or completeness of
this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees
(collectively, Representatives) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this
report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice.
This report may contain forward looking statements which are often but not always identified by the use of words such as anticipate, believe, estimate,
intend, plan, expect, forecast, predict and project and statements that an event or result may, will, can, should, could or might
occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us
and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking
statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or
revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence
of unanticipated events.
MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law,
from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit
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investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. MKE may, to the extent
permitted by law, act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published.
One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report.
This report is prepared for the use of MKEs clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in
whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for
the actions of third parties in this respect.
This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state,
country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only
under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain
categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on
geographical location of the person or entity receiving this report.
Malaysia
Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental
ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia
Securities Berhad in the equity analysis.
Singapore
This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (Maybank
KERPL) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact
Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited
investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally
liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law.
Thailand
The disclosure of the survey result of the Thai Institute of Directors Association (IOD) regarding corporate governance is made pursuant to the policy of the
Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand
and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the
perspective of a third party. It is not an evaluation of operation and is not based on inside information. The survey result is as of the date appearing in the
Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. Maybank Kim Eng Securities (Thailand) Public
Company Limited (MBKET) does not confirm nor certify the accuracy of such survey result.
Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET.
MBKET accepts no liability whatsoever for the actions of third parties in this respect.
US
This research report prepared by MKE is distributed in the United States (US) to Major US Institutional Investors (as defined in Rule 15a-6 under the
Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (Maybank KESUSA), a broker-dealer registered in the US
(registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in
the US shall be borne by Maybank KESUSA. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US.
This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You
should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant
legislation and regulations.
UK
This document is being distributed by Maybank Kim Eng Securities (London) Ltd (Maybank KESL) which is authorized and regulated, by the Financial Services
Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial
Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any
responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as
constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.
Morning Bites March 24, 2017

DISCLOSURES
Legal Entities Disclosures
Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of Bursa Malaysia
Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued and distributed in
Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng Securities (PTKES)
(Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET (Reg. No.0107545000314) is a
member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Philippines: Maybank ATRKES
(Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Maybank Kim Eng
Securities JSC (License Number: 71/UBCK-GP) is licensed under the State Securities Commission of Vietnam.Hong Kong: KESHK (Central Entity No AAD284) is
regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (KESI) is a participant of the National Stock Exchange of
India Limited (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of
India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) US: Maybank KESUSA is a member of/ and is authorized and
regulated by the FINRA Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.

Disclosure of Interest
Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further
act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment
banking services, advisory and other services for or relating to those companies.
Singapore: As of 16 February 2016, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.
Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the
research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected
parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.
Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph
16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.
As of 16 February 2016, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.
MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market
in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or
investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the
companies covered in this report.

OTHERS
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analysts personal views about any and all of the subject securities or issuers; and no part of the
research analysts compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Reminder
Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of
understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors
(including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or
reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional
advisers as to the risks involved in making such a purchase.

No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

Definition of Ratings
Maybank Kim Eng Research uses the following rating system
BUY Return is expected to be above 10% in the next 12 months (excluding dividends)
HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends)
SELL Return is expected to be below -10% in the next 12 months (excluding dividends)

Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only
applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment
ratings as we do not actively follow developments in these companies.
Morning Bites
Malaysia
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(A Participating Organisation of
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Philippines
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South Asia Sales Trading
Kevin Foy
Regional Head Sales Trading
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Tel: (65) 6336-5157
US Toll Free: 1-866-406-7447
Malaysia
Joann Lim
joann.lim@maybank-ib.com
Tel: (603) 2717 5166
Indonesia
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Tel: (62) 21 2557 1177
New York
Andrew Dacey
adacey@maybank-keusa.com
Tel: (212) 688 2956
Vietnam
Tien Nguyen
thuytien.nguyen@maybank-kimeng.com.vn
Tel: (84) 44 555 888 x8079
March 24, 2017
Singapore London New York
Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Securities Maybank Kim Eng Securities USA
Maybank Kim Eng Research Pte Ltd (London) Ltd Inc
50 North Canal Road 5th Floor, Aldermary House 777 Third Avenue, 21st Floor
Singapore 059304 10-15 Queen Street New York, NY 10017, U.S.A.
London EC4N 1TX, UK
Tel: (65) 6336 9090 Tel: (212) 688 8886
Tel: (44) 20 7332 0221 Fax: (212) 688 3500
Fax: (44) 20 7332 0302
Hong Kong Indonesia India
Kim Eng Securities (HK) Ltd PT Maybank Kim Eng Securities Kim Eng Securities India Pvt Ltd
Level 30, Plaza Bapindo 2nd Floor, The International 16,
Three Pacific Place, Citibank Tower 17th Floor Maharishi Karve Road,
1 Queens Road East, Jl Jend. Sudirman Kav. 54-55 Churchgate Station,
Hong Kong Jakarta 12190, Indonesia Mumbai City - 400 020, India
Tel: (852) 2268 0800 Tel: (62) 21 2557 1188 Tel: (91) 22 6623 2600
Fax: (852) 2877 0104 Fax: (62) 21 2557 1189 Fax: (91) 22 6623 2604
Thailand Vietnam Saudi Arabia
Maybank Kim Eng Securities Maybank Kim Eng Securities Limited In association with
(Thailand) Public Company Limited 4A-15+16 Floor Vincom Center Dong
999/9 The Offices at Central World, Khoi, 72 Le Thanh Ton St. District 1 Anfaal Capital
20th - 21st Floor, Ho Chi Minh City, Vietnam Villa 47, Tujjar Jeddah
Rama 1 Road Pathumwan, Prince Mohammed bin Abdulaziz
Bangkok 10330, Thailand Tel : (84) 844 555 888 Street P.O. Box 126575
Fax : (84) 8 38 271 030 Jeddah 21352
Tel: (66) 2 658 6817 (sales)
Tel: (66) 2 658 6801 (research) Tel: (966) 2 6068686
Fax: (966) 26068787
North Asia Sales Trading
Alex Tsun
alextsun@kimeng.com.hk
Tel: (852) 2268 0228
US Toll Free: 1 877 837 7635
Thailand
Tanasak Krishnasreni
Tanasak.K@maybank-ke.co.th
Tel: (66)2 658 6820
London
Scott Kinnear-Nock
SKinnear-nock@maybank-ke.co.uk
Tel: (44) 207-332-0221
India
Manish Modi
manish@maybank-ke.co.in
Tel: (91)-22-6623-2601
Philippines
Keith Roy
keith_roy@maybank-atrke.com
Tel: (63) 2 848-5288
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